GBPJPY Breakout Setup Update | Sept 19th
GBPJPY – Knocking on Key Big Figure
Yesterday we opined the GBPJPY was setting up for a breakout setup as we noticed several pre-breakout characteristics. The pair didn’t give us the 20ema pullback but did offer a breakout pullback setup once above the key 158.50 level we talked about. The pair sailed on for the next 16hrs coming within 2 pips of the 160 big figure we talked about. For now, intraday price action suggests more upside, but we’d prefer taking a pullback before getting long. We’ll look for pullbacks towards 158.50 to get long unless we see an entry a little earlier. We’ll target the 160 barrier as our first target as we suspect this will fold in the near future targeting the Feb/Mar swing highs at 161.75.
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